the technology effect on the accountant & accounting officer.....is it worth embracing”

Saturday 01 August,2019 01:10 hrs

Mankind has always been looking to create and develop easier ways to live and lengthen their lives ever since the prehistoric discovery of fire. Babbage’s analytical engine fathers the present day computers ,Iphones , robots, artificial intelligence and as man continues to innovate and create, more sophiscated but easy to use technologies are to grace the universe.

The 21st century has so far been an era of colossal technological advances, but never the less the running of technology and maintaining it needs human input. Tech giants Huawei and Alphabet inc employ over 188,000 and 98771 people respectively.
However with the current globalization effect and corporate trends ,any new technology aims at making work cheaper, simpler and easier to do. In this, many jobs are affected as people are now being replaced with the automated systems.

 The accounting profession has not been left out either by these advancements. Introduction of software packages such as Tally. SPPS, Ms Excel, Quick books have seen the smooth transition from paper based style of accounting to a simple better and quick to use software packages. Such packages ease the accountants work in preparing the financial statements as some come with pre-designed layouts, as well as formulas and functions to carry out logical and statistical works.

The swift adoption will enable accountants increase efficiency, remain competitive and stay ahead of ‘disruptive’ online accounting services. The digital technology and the arrival of cloud based accounting a decade ago which involves use of web based software to manage accounts online have replicated some functions of accountants , offering speedier and cheaper solutions and therefore accountants need to consider their role in this transformation and take steps to prepare for a digital future.

Recently the emergency of cloud computing has put into question the role and value of an accountant to a firm. A virtual accountant seated somewhere in the cloud can analyse, develop and process financial statements error free in a less time and at a cheaper price.
 It should be noted a computer application cannot take over their entire accounting as activities like tax planning will still require human input though we ain’t certain till when. This calls for the need to intergrate and incorporate the cloud application and human labour to derive the very best for your firm.

A glimpse into the future, it’s 2025 and yes the Cloud Accountant has taken over the accounting department and your favourite profession exists no more……………….
courtesy photo


Article by Twin Philemon
                 twinphile@gmail.com